Return to Transcripts main page

CNN Newsroom

Biden Unveils Economic Team Tasked with COVID Recovery. Aired 1:30-2p ET

Aired December 01, 2020 - 13:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[13:30:00]

NEERA TANDEN, OMB DIRECTOR NOMINEE: She got a job as a travel agent and, before long, she was able to buy us our own home in Bedford, Massachusetts, and eventually see her children off to college and beyond.

I am here today thanks to my mother's grit. But also thanks to a country that had faith in us and that invested in her humanity and in our dreams.

I am here today because of social programs, because of budgetary choices, because of a government that saw my mother's dignity and gave her a chance.

Now it is my profound honor to help shape the budgets and programs to keep lifting Americans up, to pull families back from the brink, to give everybody the fair chance my mom got, and that every single person deserves.

That's the America they were drawn to, the America the president-elect and vice president-elect are ready to grow.

I believe so strongly that our government is meant to serve all the American people, Republicans, Democrats, and Independents alike, all of whom deserve to know their government has their back.

I look forward to working together alongside the dedicated career professionals of the OMB to expand possibilities for every American family.

And I want to thank my own wonderful family, my husband, Ben. Without his love and support, I would simply not be here. And our children, Alena (ph) and Jamie (ph).

Thank you all for this profound opportunity to serve.

ADEWALE "WALLY" ADEYEMO, DEPUTY TREASURY SECRETARY NOMINEE: Mr. President-Elect, Madam Vice President-Elect, thank you for this profound opportunity to return to the Treasury Department and serve the American people. I know firsthand the president-elect's capacity to lift our country

out of hard times because I had the privilege of working with him to help Americans recover from the Great Recession.

In California's inland empire, where I had grown up in a working-class neighborhood, the Great Recession hit us hard. We were one of the foreclosure capitals in the United States.

The pain of this was real for me. It wasn't just numbers in a report or stories on the nightly news, but neighbors and friends who lost everything.

I was proud of work I got to do with Consumer Protection Bureau, protecting American consumers, and Treasury Department, helping to grow the U.S. economy.

I was proud also of getting a chance to serve with leaders like the president-elect who oversaw the Recovery Act's implementation, investing in American workers, betting on their resilience and drive, giving families a chance to get up off the mat.

I believe that's what public service is all about at its best, giving people a fair shot when they need it most, offering hope through the dark times, and making sure the economy works not just for the wealthy, but for the hardworking people who make it run.

Those are the lessons I learned from my parents, an elementary school principle and nurse who came to America to build a better life for me and my siblings.

They taught us we have a responsibility to serve the community and the country that gave us so many opportunities, but I also learned early on how much more needs to be done to ensure that everyone has a fair chance they deserve.

I look forward to working with Janet Yellen to reduce inequality in this country, expand the middle class, make sure we build an economy that works for everyone.

And as we Build Back Better, we must also remain laser focused on Treasury Department's critical role, protecting national security.

This includes using sanctions regime to hold bad actors accountable, dismantling financial networks of terrorist organizations and others that seek to do us harm, ensuring foreign investment policy protects America's national security interests.

The challenges before us today are unlike anything we have ever faced. But I know that what the president-elect sought after is true. The American people can do anything when given a chance.

And I'm honored to be part of this talented team and to work with them and all of the American people to build an economy that gives everyone that chance and turns our nation once again from crisis to hope.

Thank you. [13:35:19]

CECILIA ROUSE, CHAIR OF THE COUNCIL OF ECONOMIC ADVISERS NOMINEE: Good afternoon.

Mr. President-Elect, Madam Vice President-Elect, thank you for the extraordinary opportunity to join this team.

I am humbled and honored and ready to get to work for the American people.

To be perfectly honest, until recently, I did not anticipate I would return to public service. As every academic knows, when you laid down roots at a school you love with incredible students and colleagues you've grown with, it isn't easy to take a leave.

It requires a rare combination of urgency and opportunity to pull you away. But that rare combination is precisely what our nation is facing right now.

My path as an economist began in my first year of college. My mother, the school psychologist, encouraged me to take a course in economics.

And it happened to coincide with what at the time was one of the worst spikes in unemployment since the Great Depression. It was impossible for me to separate what we were learning in the classroom from what I know was going on in towns across the country.

And so I found myself drawn to the study of the labor market in all of its dimensions: The reasons that jobs disappear, the impact of education on people's job prospects, and ways we can tear down barriers to job growth, make it easier for people to find long lasting economic security.

Today, nearly 40 years later, we are once again living through one of the worst job crises since the Great Depression. Millions of families have had their lives turned upside down.

The safety net has frayed, leaving vulnerable Americans to slip through into hardship and hopelessness.

And importantly, structural inequities that always existed in the economy are being exacerbated like never before.

This is a moment of urgency and opportunity, unlike any we faced in modern times, the urgency of ending a devastating crisis and the opportunity to build a better economy in its wake, an economy that works for everyone, brings fulfilling job opportunities, and leaves no one to fall through the cracks.

I look forward to working with the president-elect and vice president- elect and this amazing entire economic team to address that urgency and seize that opportunity and make our economic system work better for every American.

Thank you. JOE BIDEN, PRESIDENT-ELECT OF THE UNITED STATES: Thank you.

JARED BERNSTEIN, SELECTED FOR COUNCIL OF ECONOMIC ADVISERS: Good afternoon.

I am hard pressed to find the words to express my gratitude to the president-elect and vice president-elect for the chance to be here today.

In thinking about the path that brought me here, a good place to start is 12 years ago, almost to the day, when I met with then vice President-Elect Biden at his home not far from here.

It was supposed to be a job interview to be his chief economist, but it quickly turned into a conversation about economic justice and fairness, which as many here know is a common destination in conversations with the president-elect.

Over the years, we've continued that discussion, often it takes the form of some policy minutia, sometimes me hitting him with far more graphics than are necessary, or him telling me to stop speaking economies and speaking English.

Guilty as charged, Mr. President-Elect.

I suspect the reason we had such a meeting of the minds back then dates back to a common saying in my household when I was growing up: If you're not part of the solution, another part of the problem.

I grew up with a single mother, a lifelong educator. There's a picture of FDR on the wall.

Her proudest moment wasn't when I got a PhD. It was when I got a union card. Local 802, New York City Musicians' Union. But that's a whole other story.

(LAUGHTER)

BERNSTEIN: Of course, if you intend to be part of the solution, you need to accurately diagnose the problem. In that regard, I think the president and vice president-elect's agenda is timely, resonant, and visionary.

[13:40:03]

Yes, they stressed the urgent need to control the virus, provide the relief needed to help families and businesses get to the other side of the crisis.

But they've been just as adamant that simply getting back to where we were sets the bar too low.

We must build back an economy that's far more resilient, far more fair and far more inclusive.

It is precisely the vision this nation needs. And I suspect I am not the only person on stage chomping at the bit to get to work on making their vision a reality.

Thank you.

BIDEN: Thank you.

(LAUGHTER)

HEATHER BOUSHEY, SELECTED FOR COUNCIL OF ECONOMIC ADVISERS: Mr. President-Elect, and Madam Vice President-Elect, I am honored and very grateful for the chance to be part of this absolutely exceptional team.

And excited to get to work helping build an economy rooted in the values that we share: equality, opportunity, and dignity of work.

It is no accident that I focused my career on instilling those values in our economy, developing policies that help our nation grow stronger by growing more equitably.

Like the president-elect and vice president-elect, those values were instilled in me at e young age. My dad had a job at Boeing.

If you grew up in Seattle, like I did, you know what that means. A lot more than a paycheck, as Janet referenced, and as the president often reminds us.

And for our family, my dad's job at Boeing meant security. It meant union benefits. A place in the neighborhood, a place in the middle class.

But when the recession hit in the early 1980s, one by one, pink slips arrived for every family in our cul-de-sac. Every kid at my bus stop had a parent that was laid off.

Our entire community saw its future dimmed. And one by one, it was my turn.

So the first time I truly experienced this thing called the economy, it was my parents sitting down, explaining that things were going to be tougher for a while because my dad was on layoff.

Too many kids in America experienced the economy through those kinds of difficult conversations. They're far worse.

I was struck by the profound power this mysterious force held over my life, my friends, my community. I wondered if that power couldn't be wielded to create happier conversations and fuller lives.

I dedicated my career to figuring out how we can grow and sustain the middle class, and uproot the gender barriers and racial barriers that leave too many Americans outside the dream looking in.

Through the organization I co-founded, I pursued solutions to reverse the dangerous march of inequality, bring us back to the core value of broadly shared success. That's the same value I see at the heart of the Build Back Better

plan, and why I am so excited and honored to help this team bring not just good jobs but good lives and peace of mind that comes with them to every American community.

Thank you.

BIDEN: Thank you.

KAMALA HARRIS, VICE PRESIDENT-ELECT OF THE UNITED STATES: Mr. President-Elect, congratulations on choosing this outstanding team of brilliant minds, this economic team. This is the right team for this moment.

And to our nominees and appointees, thank you for your continued service to our nation.

This is the team we need to deliver immediate economic relief to the American people, to get our economy back on track, and to make sure it works for working people.

And as President-Elect Biden noted earlier, completing that task could not be more urgent.

Cases of COVID-19 are spiking, beyond the tragic loss of life, the toll of this recession continues to mount. Across America, one in six adults with children say their families are hungry.

Janet Yellen talked about food insecurity. This is real. We are looking at a hunger crisis in America right now.

[13:45:00]

One in three adults having trouble paying their bills, essential bills, the bills that need to be paid at the end of every month to get to the next month.

And the number of open small businesses has fallen by 30 percent due to the pandemic, while many others are hoping they can stay afloat until a vaccine is available.

These are the struggles, the worries that keep people up in the middle of the night, that have them sitting at their kitchen table past midnight, trying to figure out how they're going to make it work.

But Americans are not united in their worries alone. They're also united by their aspirations, the aspirations they have for themselves, for their children, for their families, and for their community.

Because no matter where you live or what language your grandmother speaks, everyone wants to be able to get a job and keep a job.

No matter what your gender, or who you love, everyone wants to be able to buy a home and keep a home.

And no matter how you worship or who you voted for in the election, everyone wants to be able to give their children a decent education and allow those children to pursue their dreams, even during a pandemic.

And Joe and I understand that. We were raised to respect the dignity of work. We were raised by hardworking parents who always understood the dignity of work and the potential not only for their children but of our country.

And that's why I have always fought for working people, standing up for middle class families that lost their homes in the Great Recession.

Wally, you talked about the families in California were devastated. But they were able to rely on their government and leaders, as Joe always talks about, who needed to see their condition and speak to that condition.

And that's the work that needs to happen now.

And I look forward to collaborating with this extraordinary team to put working people front and center in our administration.

These public servants are some of America's most brilliant minds.

They are proven leaders whose talents, achievements, and life stories, their life stories reflect the stories of the American people and their stories reflect the very best of our country.

And they not only have the experience, the expertise, and what is necessary to help end this economic crisis, but also what is necessary to put people back to work.

And they also share in our commitment to building an economy, an America where everyone has access to a higher minimum wage and affordable health care, paid family leave and paid sick leave, home ownership and capital to start a small business.

An America where opportunity is within reach for everyone, for all the people.

So we've got a lot of work to do to build that America. And as Joe always says, to Build Back Better.

And President-Elect Biden and I together with this economic team will be ready to hit the ground running on day one because that is what this crisis demands and that is what the American people deserve.

Thank you.

BRIANNA KEILAR, CNN HOST: And Vice President-Elect Kamala Harris unveiling their economic team.

What is this going to mean for this country in the middle of an economic crisis in the middle of a pandemic?

I want to talk now with experts about this. Christine Romans, first to you on this.

What are they going to be able to do?

CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Well, I mean, that's a big question. Depends what happens with control of the Senate, of course, and there's a runoff election in Georgia in January.

Also, it depends on what the relationship will be with Mitch McConnell and with Joe Biden. These are two men that have known each other a long time and are experts how it works in Washington.

But, look, what we know is it is absolutely necessary for more to be done to help the American people now.

I am struck by just the difference in tone from this team compared with the outgoing team.

The outgoing team was about cutting taxes for business, cutting regulations and costs for business, and everyone else would benefit from that -- that was the philosophy here -- and that growth would soar.

[13:50:04]

Of course, the pandemic came, you never saw that soaring growth from cutting tax for business that they had promised.

This team is promising workers and families and paid family leave and really focusing in on the worker and the labor market as opposed to from the business side.

KEILAR: Jeff, I know you've been digging into their plans for the first 100 days. What are you finding?

JEFF ZELENY, CNN SENIOR WASHINGTON CORRESPONDENT: Well, look, first and foremost, their plans are revolving around this economic stimulus plan that will be unveiled sometime in the new year.

It will -- as Christine talked about, it will arise and fall -- the size and scope depends on who controls the Senate.

If Democrats happen to win both races in Georgia, they'll have a tie in the Senate, which will be broken by Vice President-Elect Kamala Harris. So they'll have some easier sailing.

But if they don't -- and they're planning for not to have that, they're planning for Republicans to have a narrow majority -- they are likely to trim their ambitions somewhat.

There's no question the Biden agenda, first 100 days, they know there's an urgent sense of timing. We heard "urgency" and "opportunity" throughout it all. I think that sums it up well. There's an urgency here.

So look for more benefits directly to workers. Look for more plans directly for the American workers here.

I'm struck by how reminiscent this is to 12 years ago when then Joe Biden and Barack Obama were can coming in, in a different time, certainly a different challenge of the economy, but it's similar to what they're trying to build.

That is what President-Elect Joe Biden is trying to seize upon here, trying to create a new eco Recovery Act, if you will, like they did in 2009.

If you add on top of that the pandemic, that's something out of their control, of course and what will drive or slow this economy without question -- Brianna?

KEILAR: Abby, I'm struck by the similarities as well.

Also some of the differences of the mood we've seen on Capitol Hill.

You don't see Democrats and Republicans putting ideology aside, putting disagreements aside, and taking to heart just how bad things are at the, just, you know, everyday level for people, and doing something about it. We have not seen that for months.

So, you know, especially considering the Republicans may keep the Senate, and you will have this divided government, what comes of that?

ABBY PHILLIP, CNN POLITICAL CORRESPONDENT: Such a good point. You know, back in 2008, there was at least a recognition of the scope of the problem and of the need to do something.

Although, Democrats and Republicans then disagreed about the size, about the method of doing something about that problem.

And I think today we are kind of in a different scenario. Yes, there's some movement on Capitol Hill, but there has been such resistance to this kind of economic aid that's necessary.

And it really does cast a little bit of a shadow over what Joe Biden is trying to do here.

I think that's one of the reasons why you're hearing the Biden transition start to talk a lot about executive actions, about the desire to do as much as they can without Congress.

And in some ways, the Trump administration paved the way for that. This Trump administration has been incredibly aggressive in terms of actions they've been willing to take on the executive side without Congress.

And that's really kind of -- Democrats kind of balked at that. But you might end up seeing the Biden administration taking advantage of that because they might have to.

Whatever small piecemeal stimulus or aid they're able to do before end of this year will need to be followed up by more. I think the closer we get to January 20th, the more resistance we'll

see from Republicans to spending money. I think that's going to be the biggest issue that they face.

The Biden campaign, they're talking about aiding, you know, families and doing all of this stuff that requires money. I think you're going to see a lot of Republicans starting to push back and talking more about deficits than spending.

KEILAR: Catherine, we saw some disagreements.

But back in 2008, Congress passed a huge relief package. And in retrospect, it became a bit of a political football. Lots of money to bail out banks.

But we're talking about hungry Americans. We're talking about Americans whose businesses are falling apart. We're talking about people who can't keep roofs over their heads.

And it's hard to understand, I think, for so many people watching this, how that is so difficult for Democrats and Republicans to come together and remedy.

CATHERINE RAMPELL, CNN POLITICAL ANALYST: Yes. If you actually look at economic team Biden put together, that may help shed context around how they're going to approach this problem.

[13:55:01]

Jared Bernstein, for example, was in the Obama administration when they were crafting the Recovery Act and negotiating what would go in it.

He fought for something much bigger that what passed. There was a debate in the Obama administration about, well, it's too big, will that scare people off on the other side, let's compromise. And ultimately, they passed an enormous bill but not quite big enough.

I think you'll see the Biden administration partly informed by that experience.

And beyond that, there are some things they can do via executive action. Again, they're smaller than what needs to happen, the kinds of things that would require statutory involvement.

They might be things like expanding food stamps through administrative action or access to the EITC.

There's going to be a huge food fight I think also over student forgiveness in the months ahead.

KEILAR: All right, we will be watching.

Thank you all so much, all of these brilliant minds talking about what is ahead economically for Americans as we watch the president-elect unveil his economic team. And as he does announce his picks, Republicans are clutching their pearls over one of the nominee's tweets. We'll roll the tape on that.

Plus, the FDA commissioner summoned to the White House today as President Trump demands answers over why vaccine approval hasn't happened yet.

And as hospitalizations across America hit another record, in moments, the CDC will decide who will get the vaccines first.

This is CNN's special live coverage.

(COMMERCIAL BREAK)